A growing number of healthcare providers and hospitals, settle for outsourcing medical billing services due to their various benefits in their organization. Medical billing for healthcare providers is a challenging and demanding task that could hinder the smooth operation of a medical practice or provider. To increase their competitiveness, healthcare professionals and companies hire the services of third-party service providers for their medical billing requirements.
The U.S. healthcare industry continues to post rapid growth, due mainly to the prevalence of chronic diseases. Based on the National Center for Chronic Disease Prevention and Health Promotion 2019 data, around six in 10 American adults suffer from chronic diseases like cancer. Due to the expected high demand for advanced diagnostic imaging systems, the sector will experience a compound annual growth rate of 6.6% from 2019 to 2024.
Top Reasons Why You Should Outsource Your Medical Billing
As a healthcare provider, you want to maintain your competitiveness to attract patients to your practice. You can do this by adopting new technologies, continuous training, and outsourcing your medical billing processing. Here are other benefits of outsourcing medical billing:
- Third-party providers are up-to-date with medical codes – Because it is their business, medical billing providers make sure to know the latest medical coding updates to ensure proper patient reimbursement. By outsourcing your billing, you can focus your attention on caring for your patients.
- Save time and money – If you outsource a service, you will no longer hire employees to do the job, thus, saving you time and cash for the hiring and training process.
- Better operational control – By outsourcing your billing services, you can have better control of your business processes because you are delegating some of the tough tasks to professionals.
- Compliance with regulatory requirements – Version 10 of the International Classification of Diseases (ICD10) contains new coding requirements that could affect your time management and payment outcomes. When you outsource your billing service, your provider will handle the ICD10 changes and other regulatory requirements.
- Transparent billing process and secure patient data – Credible providers maintain a reliable infrastructure for a safe and compliant medical billing operation. You should hire the services of providers with transparent and Health Insurance Portability and Accountability Act (HIPAA)-compliant medical billing processes to avoid problems.
- Higher business revenues – When you outsource your billing services, you will be saving on overhead expenses like the costs of office infrastructure, staff salaries, and billing software. The timely submission of claims by your provider will also result in higher reimbursements. The result is better revenue for your practice.
- Require no capital investment – By outsourcing your billing services, you will no longer invest in the latest equipment like billing software, as well as the staff to operate and maintain them. You will achieve significant cost-savings by outsourcing your billing requirements to credible third-party providers.
- Maintain good patient relationships – Your patients are the lifeblood of your practice, so you must serve them well to gain their loyalty. By distributing the medical billing tasks at your hand, you can focus on their proper care, while your provider will take care of their bills. By maintaining an efficient operation, your patients will be satisfied with your service.
Treating your patients well and properly reimbursing them is essential for the success of your practice. By outsourcing some of your tasks like medical billing for healthcare providers, you can focus on making your patients happy and gain their loyalty in the process.